Ways and means to meet the bill for social security benefits

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Because it would cause Social Security to pay out more benefits, it would speed up the time frame in which the program would have to become insolvent by one year, to 2034, Social Security Chief Actuary Stephen C. Goss said in a July letter to the bill. supporters. SSA actuaries estimated the measure would drain the Social Security trust fund by $146 billion over a decade, though the Congressional Budget Office has yet to weigh in with a formal cost estimate.

Proponents of the measure say it would eliminate unfair provisions that can reduce benefits for public employees. The bill’s top Democratic co-sponsor, Virginia Rep. Abigail Spanberger, joined Davis, other lawmakers and groups representing federal, state and local police, teachers and workers at a a press conference in late July calling on leaders to bring the bill to the House. floor.

“No American should be penalized for their public service,” Spanberger said. She said the two provisions cut benefits for about 58,000 people in her home state of Virginia in 2020.

Spanberger is among the Democrats whose seats are considered up for grabs in November’s midterm elections; Inside Elections with Nathan L. Gonzales assesses his Tilt Democratic run.

While the bill has broad support on Capitol Hill, its cost has drawn criticism. The Committee for a Responsible Federal Budget, a group of deficit hawks, argued in July that while the provisions Davis’ bill would eliminate are flawed, their removal would lead to significant overpayments and weaken security finances. social. The group said removing the provisions would also disproportionately benefit high-income households.

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